Steve Randy Waldman
@interfluidity.com

The trick is to persuade people to ignore that confusing word marginal. If you ignore that, it seems to make normative sense. Price is cost! Workers are paid their productivity! 1/

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Steve Randy Waldman
@interfluidity.com

Of course, when you properly understand what marginal cost or marginal productivity mean, you understand it's just a way of talking about the relative bargaining power of buyers and sellers, or employers and workers. /fin

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